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FATF AML and Terrorist Financing report

The Financial Action Task Force (FATF) has released a report,  Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing, to help national authorities detect whether virtual assets are being used for criminal activity. 

  • CFPB to Extend Comment Period for Notice of Proposed Rulemaking on New Category of Qualified Mortgages

    The Consumer Financial Protection Bureau (Bureau) is extending the comment period on its notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) by three days, from September 28, 2020 to October 1, 2020 in order to accommodate for the Yom Kippur Jewish holiday.
  • FEMA suspends communities in AK, AZ, IA and WA

    FEMA published [ 85 FR 58294] in a recent Federal Register a notice that it was suspending, as of September 18, communities in Alaska, Arizona, Iowa and Washington from the National Flood Insurance Program for noncompliance with the floodplain management requirements of the program.
  • FATF AML and Terrorist Financing report

    The Financial Action Task Force (FATF) has released a report, Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing, to help national authorities detect whether virtual assets are being used for criminal activity.
  • CFPB Settles with Auto Lender for Unfair Loss Damage Waiver Practices

    The Consumer Financial Protection Bureau (Bureau) settled with Lobel Financial Corporation, an auto-loan servicer based in Anaheim, California. The Bureau found that Lobel engaged in unfair practices with respect to its Loss Damage Waiver (LDW) product, in violation of the Consumer Financial Protection Act (CFPA).
  • Recent NCUA News

    The NCUA board passed a final real estate appraisals rule, approved an exemption from the Bank Secrecy Act’s Customer Identification Program and heard a briefing on the new MERIT Examination system at a recent meeting.
  • Blocked property report reminder

    OFAC has posted a Treasury Department Bulletin with a reminder that holders of property blocked in accordance with OFAC regulations have a mandatory annual reporting requirement on that blocked property.
  • Question of the Week

    If a deceased member receives payments from the Social Security Administration after death and the money is withdrawn by a joint or other party, are we liable for the entire amount?
  • States Stake Claim to Half of all Assets Among U.S. Credit Unions at Mid-Year

    State-chartered credit unions (SCUs) now hold approximately half of all assets in U.S. credit unions, according to mid-year data released last week by NCUA, and figures compiled by NASCUS.
  • FinCEN Ending AML Exemption for Financial Institutions Without Federal Regulator

    FinCEN has published [85 FR 57129] a Final Rule in a recent Federal Register that will remove the anti-money laundering program exemption for banks that lack a Federal functional regulator, including, but not limited to, private banks, non-federally insured credit unions, and certain trust companies.
  • NCUA: Second Streamlined CDFI Round Now Open

    The National Credit Union Administration opened its second application round for eligible credit unions that want to qualify to use the agency’s streamlined process for Community Development Financial Institution certification.

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